The RERA considering to extend the deadline for 2-3 months in Telangana State

The Real Estate Regulatory Authority Act (RERA) came into force in May 2017 this year and is touted to shield home-buyers' interest by bringing in transparency into the unorganised real estate sector of India which is marred by delays in project completion, hidden costs and builder dictatorship. Although the deadline for RERA has ended on July 31st 2017 and the centre said that there is no extension; states of Goa, Telangana and Uttar Pradesh have extended the deadline for project registrations for builders, giving a blow to the buyer's expectations. On the other hand, Maharashtra is the state that is leading the RERA registrations.

The state of Maharashtra has received overwhelming response from builders with 7200 real estate agents applying for RERA registration as of August 1st 2017. The credit goes to Maharashtra’s solid stand on the deadline which has not been extended post July 31st 2017. The Maha RERA council has asked 480 ongoing projects to pay a penalty of ₹50,000 each for not registering before the deadline of July 31st.

The Goa Government was the first one to given an extension of 3 months to builders to register their ongoing projects under RERA. Thinking on similar lines, another state to extend the RERA July 31st deadline is the Telangana government, which is considering to extend the deadline for 2-3 months as it has still not notified the final rules for RERA implementation.

The Uttar Pradesh Government too has given a breather to builders who did not register before July 31st and has extended the deadline for registration until August 15th this month, which doesn't seem to hurt the buyer segment much due to a limited 15 day extension. The UP Govt had committed that builders failing to register till August 15th will be picked for a graded penalty till September 30th 2017.

Meanwhile, the Karnataka government has told penalties of Rs 10,000/- per day or upto 10 percent of the cost of property or an imprisonment of 3 years for builders selling or advertising projects without RERA registration, however the Karnataka government too is has decided to let the builders register for the next few days.

http://www.news18.com/news/india/maharashtra-hails-rera-while-goa-telangana-push-it-3-months-far-1482193.html